TORONTO, Sept. 15, 2020 /CNW/ - Scotiabank today is
updating the amounts outstanding under its COVID-19-related
customer assistance programs, as at August
31, 2020.
"Our customer assistance programs are working effectively across
all of our markets," said Brian
Porter, Scotiabank's President and Chief Executive Officer.
"Our total deferral balances continue to decline while our
customers continue to make their payments on time after their
deferrals have expired. We expect the vast majority of the
remaining balances to expire this quarter. Today, we are seeing
signs for optimism as household spending continues to return to
more normal levels and economic output continues to regain lost
ground, even though the pandemic is having an uneven impact on
economic recoveries."
The updated disclosure is available on the Bank's Investor
Relations website.
Key highlights (as at August 31,
2020):
- Canadian Retail: $39
billion of active deferral exposure, down from $41.5 billion as of July
31, 2020. Active deferral exposure includes: mortgages of
$37.3 billion, auto loans of
$1.3 billion, credit cards of
$0.1 billion, and other personal
loans of $0.3 billion. Of deferrals
which have expired, 96.8% of customers remain current on their
payments.
- For customers whose mortgage deferrals have expired, 99% are
current on their payments. For customers with active mortgage
deferrals, approximately 40% are insured while the balance of
uninsured mortgages have FICO scores on average greater than
750.
- 77% of Canadian Personal Loan deferrals were for auto loans,
reflecting Scotiabank's leading market share in automotive lending,
and 94% of customers whose personal loan deferrals have expired
remain current on their payments.
- International Retail: $12
billion of active deferral exposure, down from $18.1 billion as of July
31, 2020. 92% of international retail customers remain
current on their payments on deferrals that have expired.
- Commercial and Small Business:
The following figures relate to active deferral exposure
and exclude amounts related to covenant relief requests. This
differs from previous disclosures but is in line with industry
practice.
-
- Canada: $1.6 billion of active deferral exposure, down
from $1.9 billion as of July 31, 2020.
- International: $7.5 billion of active deferral
exposure, down from $8.3 billion as
of July 31, 2020.
Throughout the pandemic, Scotiabank has strived to support its
customers with assistance programs for individuals and businesses
that have helped to alleviate some of the challenges brought on by
COVID-19.
About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our
purpose: "for every future", we help our customers, their families
and their communities achieve success through a broad range of
advice, products and services, including personal and commercial
banking, wealth management and private banking, corporate and
investment banking, and capital markets. With a team of over 90,000
employees and assets of approximately $1.2 trillion (as at July 31, 2020),
Scotiabank trades on the Toronto Stock Exchange (TSX:
BNS) and New York Stock Exchange (NYSE: BNS). For more information,
please visit our website and follow us on Twitter
@ScotiabankViews.
SOURCE Scotiabank